NEW DELHI (INDIA): PNB Housing Finance posted a rise of 53 per cent in net profit at Rs 137.8 crore for the third quarter ended December.
The company had reported a net profit of Rs 90.3 crore in the year-ago period.
Its total income from operations rose to Rs 998.75 crore during the December quarter from Rs 709.10 crore a year earlier on the back of healthy growth in interest income.
“Net interest income registered a growth of 40 per cent to Rs 264.50 crore from Rs 188.60 crore a year ago,” the bank said in a release.
PNB Housing said it wrote back provision for contingencies of Rs 24.50 crore, created in previous years, in order to maintain the gearing ratio as per NHB guidelines.
“In the third quarter of 2016-17, post completion of the IPO, the company created additional provision for contingencies of Rs 12.50 crore,” it said.
The board of directors of the company at the meeting held today decided to raise up to Rs 6,000 crore in tranches by issuing non-convertible secured and non-secured debentures.
Of other key matrices, the gross non performing assets (NPA) stood at 0.37 per cent of loan assets as on December 31, 2016 as against 0.35 per cent a year ago, it said.
Gross NPAs on AUM basis were 0.33 per cent at the end of December 2016.
Net NPA stood at 0.27 per cent of the loans disbursed as against 0.21 per cent at the end of December 2015.
The company’s deposit portfolio grew by 26 per cent to Rs 8,760 crore as on December, 2016 from Rs 6,934 crore at the end of December 2015.
“We witnessed double-digit growth in our profitability during the nine-month period for the fiscal year 2016-17 as compared to the same period of the previous year. In line with our expansion plans, we added 11 new branches which will support us in the next phase of growth. We continue to focus on expansion in tier II and III cities,” said Sanjaya Gupta, Managing Director, PNB Housing Finance.
On demonetisation exercise, he said, it is a positive step towards bringing transparency in real estate sector in the long-run.
“Valuations and transaction velocity will be more accurate and gain pace, respectively, over time. At present, the Credit to GDP ratio of our country is very low and we expect there is a lot of growth potential to the overall housing finance/real estate industry,” he said.
Listed on stock exchanges in November 2016, the company offers housing and non-housing loans to retail customers.
It is also engaged in providing construction finance loans to real estate developers for residential housing.
Shares of PNB Housing Finance today closed 3.53 per cent higher at Rs 858.45 apiece on BSE.
Source: Press Trust of India